Last Updated：2026/01/01
Sentence
In
a
sense,
forward-looking
monetary
policy
is
acting,
in
a
second-best
fashion,
to
counter
a
backward-looking
externality
elsewhere
in
the
economy.
It
is
interesting
to
explore
this
notion
further
by
considering
the
trade-off
between
the
degree
of
backward-lookingness
on
the
part
of
the
private
sector
in
the
course
of
their
wage
bargaining
and
the
degree
of
forward-lookingness
on
the
part
of
the
central
bank
in
the
course
of
its
interest
rate
setting.
Quizzes for review
In a sense, forward-looking monetary policy is acting, in a second-best fashion, to counter a backward-looking externality elsewhere in the economy. It is interesting to explore this notion further by considering the trade-off between the degree of backward-lookingness on the part of the private sector in the course of their wage bargaining and the degree of forward-lookingness on the part of the central bank in the course of its interest rate setting.
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